30th Oct 2018

MMC invests in AI-powered insurtech business, omni:us

omni:us, the only AI company of its kind fully focused on insurance, announced the closure of its Series A round, bringing its total funding to date to $22.5 million.

MMC Ventures participated in the round, led by Berlin-headquartered VC Target Global. Talis Capital and existing investors, Unbound and Anthemis, also participated in the round, demonstrating their continued commitment to the company’s ambitions. This funding reinforces omni:us’ position as a market leader in enabling insurers to become more data-driven and adapt to today’s customer expectations.

As a key player in the major digital revolution currently taking place in the insurance industry, omni:us has developed cutting-edge AI technology that empowers all kinds of organisations within the sector: many of the top global insurance companies - such as Allianz, Baloise and AmTrust – count on its deep digital transformation expertise in order to innovate and meet growing customer needs. At the same time, insurtech firms - such as Wefox – use omni:us to boost efficiency and focus on its core competencies.

Sofie Quidenus-Wahlforss, CEO and Founder of omni:us, said: “We know the insurance industry will move from process to data-driven over the coming years. To meet this need, omni:us is the trusted partner, supporting insurance companies along this transformational path. Our deep data based approach enables insurers to better understand their customers and launch new products and services on a more bespoke and individual level. With this round of funding, we will bring our cognitive systems to the next level and expand into the US market later this year.”

Dan Bailey, Investment Manager, MMC Ventures, said: “Insurance carriers are undergoing a once in a generation technology shift, embracing new digital core platforms and adopting best-in-class digitisation and analytics. omni:us is delivering AI capabilities that allow insurers to embrace digitisation, improve the efficiency of their claims process and deliver better customer experiences. Sofie and her co-founders have assembled a world class team, and we’re delighted to be backing them in their vision of bringing AI to the insurance industry.”

Read more on the story via TechCrunch.

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